Construction & Real Estate

Nizwa offers home finance solutions for $1bn Oman sustainability city

Oman-based Islamic bank Nizwa has signed an agreement with Sustainable Development and Investment Company (SDIC) to offer shari’ah-compliant financing to customers for buying properties at the sultanate's innovative $1 billion development The Sustainability City – Yiti. 
Being designed as the first fully sustainable community in Oman, The Sustainable City – Yiti will meet the highest standards of social, environmental and economic sustainability, with mixed housing typologies to suit different categories. 
The new project is also in alignment with Bank Nizwa’s core values of supporting the country’s transition to a green, circular economy whilst focusing on holistic well-being. 
This strategic agreement will help customers finance off-plan residential properties in the city whilst it is still under construction, it stated.
With a competitive profit rate of 4.85 per cent, Bank Nizwa said it seeks to make owning a home at this iconic location even more convenient, quick and secure. 
On the key finance deal, CEO Khaled Al Kayed said this strategic initiative is congruent with Bank Nizwa’s vision of playing an instrumental role in key national projects that are shaping the future of the country. 
"The project’s keen focus on green energy also complements Bank Nizwa’s efforts towards fostering sustainable socio-economic progress in the country through unique, industry-first products and services,." he stated.
Bank Nizwa’s flexible Shari’ah-compliant financing solutions will go beyond giving an impetus to the real estate sector – it will help individual customers contribute to Oman’s green vision as they enhance their asset portfolio, he added.
SDIC Chairman Hashil bin Obaid al Mahrouqi said this deal comes as part of its continued commitment to work with strategic partners to provide superior services and reliable financing solutions to investors and customers of The Sustainable City - Yiti."
"The Sustainable City - Yiti - with an investment value of approximately $1 billion, is an innovative project introducing a new concept to Oman’s real estate and tourism industries. It is considered the first project to provide residential units and tourism facilities designed to meet the highest standards of environmental, economic and social sustainability," he remarked. 
"When completed, it will be the single largest sustainable complex of its kind in the world, and the first zero-carbon tourism residential complex in the Sultanate of Oman. For us, sustainability is no longer just an option, but a necessity that is at the forefront of the country’s economic development. We are confident that The Sustainable City - Yiti will be a pioneering model for Omani cities in the future," he added.-TradeArabia News Service